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in u.s. history. sandy could cause more wind and flood damage than hurricane irene did last year. new york city and especially lower manhattan saw its shares of flooding monday with water reaching record levels in some areas. and speaking of which, cnbc's bertha coombs is live for us outside the new york stock exchange this morning. thank you so much for joining us. can you tell us what conditions are like where you are and what dnlg you' damage you're seeing? >> reporter: it's actually fairly dry. last night in fact the new york stock exchange take to go twitter to dispel rumors that the trading floor was under three feet of water. if you can take a look behind me, the new york stock exchange floor is actually half a floor from the street level where those first balconies are. so for to be under water would be tremendous. we didn't have water in this part of lower manhattan despite that record surge. it was mostly over in the battery. will is significant flooding in several low lying areas especially near rivers. that's on the lower east side. we actually saw a transformer there blow
saw this last year in new york state, for example, when we got the one-two punch of hurricane irene and then the tropical storm lee. so there was quite an uptick in that sort of business. >> ted, thanks. we may catch up again to see how things have hopefully changed. >>> stick around. after the break, we'll find out how the storm could impact the election. the president is getting set to tour new jersey. stay with us for that. >>> we'll leave you with a look at how the futures are trading. the markets are reopening today on wall street. >>> welcome back to "worldwide exchange." >> here are the headlines today. >> super storm sandy leaves a massive path of devastation in its wake, and residents up and down the u.s. east coast are now starting what could be a long and costly recovery process. >> but it is back to business for the financial markets in the u.s., they're going to reopen after a few days. it may not be so easy as new york's mass transit system is still snarled. >>> plus, the force. disney has agreed to buy lucas films for $4 billion and promises a brand-new "star wars" fi
the winners, so to speak, and the losers because it is asymmetric, right? >>> now last year hurricane irene's initial projections were $7 billion. turned out to be $15 billion. there were a lot of ancillaries once the checks come out from the government and private insurers. stimulus to the gdp. not big enough to move the needle. this one we're getting initial projections is much bigger. the two cohorts in stocks most impacted the home depot-like places, let's call them that, they were basically moved up a day ahead of the storm and then pulled off once the market turned out to be. >> we didn't see much of that on friday in terms of home depot or at lowe's which i thought was interesting and most of the retailers have closed their books on saturday, last saturday, so the impact of the storm won't actually be seen until the following quarter or the next month when they report retail sales. lowe's is the exception. they closed books on saturday. all the runup, the generators they've sold, the batteries, the flashlights, those things were almost sold out pretty much across the board. that shou
, former dnc chair and vermont governor howard dean is facing off against ed conard. irene rosenfeld, the ceo of mondolez international. the markets aren't to be forgotten. at 8:30 eastern time, we will be joined by jim grant. we're going to talk about the best investing strategies for the rest of the year with him. first, let's get you up to speed on this morning's headlines. over to andrew. >>> friday we'll get the government september jobs report. could be a game changer for the election. we'll get a hint of what may be to come. the employment report coming at 8:15 eastern time. poll forecasters say the economy likely added 155,000 private payroll jobs this month. we'll bring you the number and get you instant reaction from joel prakken. in corporate news, richard schultz is pressing forward with a possible $11 billion buyout of the retailer. schultz and at least four private equity firms have reportedly started examining the books of the economy. at the same time, he is said to be negotiating individually with the pe firms on the details of how his roughly 20% stake in the compan
surge if it is as forecast, which will be worse than hurricane irene last year, could create some serious problems in terms of getting in to the subway system, in terms of getting into the con ed steam lines and potentially the electrical system. and so even if the wind doesn't blow out power, there could be pry empty differen preemptive power outages. so that's one of the many reasons that they decided to hunger down with all the financial markets. stay home, there's money to be made later and we'll just deal with it. for now just a little bit of a breeze blowing here. that is clearly supposed to chan change. >> where do you go later? >> you have to find a pole, right? you know that that's -- every guy out in a strong breeze, you've seen -- you've got to find a pole around there, right? >> i'll look for it. there's light poles and stuff, but i think i need to get a little further away from the water. >> yeah, that would be a good idea, too. >> we'll have to get him a bungee cord. okay. let's get a little bit more on the forecast on the storm in maria larosa. >> as you mentioned,
, than last year's hurricane irene. with winds near 80 miles an hour, right now hurricane sandy is moving north along the eastern seaboard, already impacting portions of florida and georgia. mary thompson is tracking preparations ahead of the big storm. >> it's already been dubbed frankenstorm over the halloween horror story at lowe's. the east coast of course bracing for a storm with potential to do billions in damage. the latest update from noaa says heavy rains and flooding is forecast in the mid-atlantic states but high winds could be felt from the carolinas all the way up through new england. corporate america's prepping to serve both customers and protect its employees in light of this storm. at lowe's, a 24-hour command center tracks the storm while it shipped generators, batteries, chainsaws and other items in high demand after the storm to northeast markets expected to be impacted by sandy. as for the power provider, citi noting four with big exposure to the mid-atlantic and pennsylvania areas where the heaviest rains and flooding are forecast. banks saying any earnings risks for
. >> larry, people are comparing this storm to last year's hurricane irene the tenth costliest in history. now from its command center today, home depot sending sump pumps, shop vacs anticipating lining irene a lot of coastal and inland flooding. for home depot that means demand for carpeting picks up after the storm. if there's any extra profit for the retail that comes out of this storm it comes from demand not pricing. home depot locked in prices this morning just to make sure that consumers will not get gouged. as for paying for the property, property and casualty insurers in good shape thanks to higher premiums and a lack of major events. a major storm may allow some of them to pass on higher prices to their clients. restaurants will see business decline. restaurants like this group you see here can take solace from the fact the storm is hitting did your the slow part of their week. as for the power provider the big exposure these four have in the mid-atlantic region where the heaviest rains and flooded is forecast. any earnings risk lies in prolonged outages in those areas. farther
deep. that water has now come up, and we're well above the levels that we were during hurricane irene. that was expected as the storm surge now comes in, and as i said the wind picks up, and it's going to get worse as the -- as the evening goes on. all of the bridges now in and out of manhattan closed. the east river and the hudson river as well as the verazzano bridge that connects brooklyn and staten island. manhattan literally is now an island. there is also now the concern that conedison the local utility has raise that had they may have to do preemptive power outages, if it looks like some of the low-lying areas are going to flood to protect the underground equipment. they would do power outages, so so much for the utility of having utilities and elect call wires under a ground. that can be an issue as well when storm surges rise. we'll be back with more as our special coverage goes on. guys, back to you. >> thank you so much, scott. that's why we have so many issues with the exchange. that's the neighborhood where the new york stock exchange is. back to the dramatic picture in m
million people could lose power. that compares to about 7 million that lost power during irene. and it could take a week to get everybody back up and running because they won't be able to start putting things back together again until probably wednesday and it will be another five to seven days after that. big, big hit to the economy. >> paul, thank you so much. i know you're going to be with us for the next few days as we continue to work through hurricane sandy. thank you, paul. >>> all right. tyler, over to you. >> thank you, sue. hurricane sandy of course bearing down, point pleasant, new jersey. some utilities bracing for the worse. we just talk a little bit about that. warning customers that they could be out of power for a week, ten days, maybe more. what kind of damage are we talking about here and will some utilities perform better than others. greg gordon is senior managing director at isi group. mr. gordon, welcome, good to see you. can any utility that will be affected by this storm be described as a potential winner? >> no. look, these companies are regulated. they
storms in 1878 and 1903 and then hurricane irene became a tropical storm when it hit just last year. now, hurricane irene caused roughly $15 billion in damage all across the northeast. the state of new jersey alone got $275 million in federal assistance most going to homeowners and flooding private insurers. here in cape may, commercial fishing is the big business. a billion dollars in revenue for new jersey. further up atlantic city of course we know all of those casinos, 12 flagship institutions across the boardwalk are closed and halloween parties canceled. atlantic city is lower lying. that will be a very, very big hit. the place to watch. evacuated yesterday by 4:00 p.m. and chris christie declaring a state of emergency there because of how bad conditions are supposed to get there. it's only 9:00 a.m. right now. you can see how bad it's getting. the waves are spilling up into the dunes and there is flooding in the street. there's structural damage just a couple blocks away that we'll check out. definitely a strengthening storm here on the shore of new jersey. carl? >> kayla, thank y
for this outdoor reporting. >> been bringing us great updates. >> she dade great job too last year with irene. i think she was in north carolina. >> anyway, we'll check back in with kayla later this morning. let's also take a look at the markets. the futures are indicated higher after all the concerns that have been out there. the s&p futures up by more than 9.5 points. the dow futures are up by 65 points. not a lot of news stories that have been coming through. you've heard some earnings here and there. yesterday we had ford out early with better than expected numbers early. and there are a few other stories that have been out there, too. you guys see the ubs story? >> 10,000 jobs. >> 10,000 jobs this they were laying off. a lot of people found out when they showed up for work in london and their cards didn't work. other people found out because their e-mail kept bouncing back. that's the worst situation i've ever heard. it's not going to get nearly enough attention because of all the other things that are happening out there. >> did you see the other big merger yesterday? disney and "star wars
of that was west of the coast, at least where i was we didn't get the rain we got with irene, not even close. >> right, we were most concerned about the flooding because of the tidal action. right there, yeah, the surge, we have wonderful beaches and between dewey beach and bethany beach we had to close route 1. there are a lot of others we had to close throughout the state. the bay communities were hit hard but we've got people out looking right now. we think we escaped the worst of it. >> and total cost for delaware, any idea yet in. >> we don't know. we have people as we say looking right now, i think it will take us a little while to figure that out. certainly concerned about the 44,000 families without power but we're obviously looking forward to utility crews getting out there as soon as, once conditions permit them to be out there. they can't be in harm's way if the winds are too high. >> for your state was this not as significant or not as negative of an outcome as irene, governor? >> well, i mean i'd put it this way we have a lot of flooding and we do have 40,000 plus people without
. the estimates begin at a billion dollars and head north from there. based on the cost of irene at the same time last year when power was out in new england. we get the latest on the storm now from bryan norcross at the weather channel. what's the latest? >> this hurricane is in the bahamas now. and it is heading north. and the big concern, i think it's going to dominate your lives starting this weekend there in the new york city area and all of the northeast. let's take a look at this graphic here. there's the hurricane moving north through the bahamas. it bends offshore but over the weekend, it's affecting the carolinas with pretty good winds right along the coast. and then early next week, it bends in to the northeast. we have never had a storm come out of the topics and bend in like that. so the thinking is that somewhere from props the delaware bay area, south jersey area north, this is going to drive water all along the beaches. and this has the potential to cause tremendous damage along the coastline and the whole scenario we had with irene in new york city and the transportation problems
they will be able to recoup it. we have seen it happen after the hurricane irene. the question is what kind of a backlash utilities will face to their storm restoration efforts. they're trying their best but it will take many days before the power service is restored. and that usually triggers a lot of regulatory scrutiny and that is not good news for utilities. >> as you look at the president's helicopter fleet there touring atlantic city, are any single companies of those you follow here more at risk to really devastating hits on their balance sheets or not? can you handicap it in any way for us? >> well, ouriously obviously ns the hardest hit area. 50% of households currently in new jersey are without power. coastal communities in new jersey and on long island should have the highest impact. so percentage, jcp and l, lipa on long island will have the highest impacts. we will be following especially jcp&l and the connecticut utility given the fact that their storm response after hurricane irene was the really harshly criticized by regulators and they really cannot afford to do it again.
after irene, sandy is making me go back to that one. it is a high quality luxury home furniture ipo that is growing like a weed. that is why i want you to get a piece of it. back in 2008, the combination of the recession wreaked havoc on it and the company has taken a hit. once it was private the new owners did something they never could have gotten away with. they doubled down with big ticket furniture. ritzy chandeliers and closing many of it's old stores and replacing them with free standing galleries. they are putting up pretty good numbers. the company is taking shares with the home furnishing markets. it is a smaller store base than william senoma. so the company has a lot of room to expand. restoration posted a 27.8% increase in same store sales and for the last 12 months in july they had a 29% increase. people these are bullish numbers. william senoma, these other guys aren't close to their growth rate. that is more expensive than william see gnosenoma. but i think they deserve the rate. it has the highest growth in the group. we need a new housing related stock and we are i
get. you are would have to make your own way. >> where do you rate this? >> i was here for irene. certainly, as everyone else has said, it is a more intense and unprecedented storm to what it has done to operations, we are also bringing some of them back. >> thank you for joining us tonight. >> we have re-established on the phone, m.laroso on the phone. thank you for joining us. how long, we are asking the questions everyone else wants answers to i'm sure. >> glad to give you information. we've been able to make good progress today. we are down from our peak from under 1.4 million customers. so, more than 25% of the location that is were damaged those customers that weere interrupted were restored. we were able to restore service to newark airport. we restored service to the city of newark and elizabeth. >> the remains million people how long will they have to wait? >> i don't want to give you an exact number. we think there will be stragglers. those are the customers that have individual services down. but we plan to get most of the customers back within that seven day window. >
for hurricane irene, several billion related to that. does it m needle from a macro point of view? >> from the top level, not really so much. obviously the damage has to be paid for and obviously that might mean infrastructure spending. so you take away from with one hand, you gain with the other. obviously different sectors will have different takes and so on. i think the thing we're thinking about at the moment is that the u.s. economy together with the global economy is very fragile. we have low growth if not recession in europe and i think the financial markets are also very fragile, not justs because they're struggling to make gains where you have the tug of war between the core fundamentals versus the central bank liquidity, but volume has been so thin all year and then we have this event which could dry up the volume further. so things are flanragile. >> and low volume means liquid markets and could see dislocations? >> if we see for whatever reason some sort of selling coming into the market with low liquidity, you could see the market can down quite quickly. >> basically whenever
there i think contractors and i use it for my beach house redo after irene, sandy is making me go back to that one. the real story is that rest oration heart wear is growing like a weed. that's why i want to you get a piece of this ipo. back in 2008, the combination of the recession wreaked havoc on it and the company has taken a hit. once it was private the new owners did something they never could have gotten away with. they had restoration doubled down on being an upscale down with big ticket furniture. you need a big house for this. ritzy chandeliers and closing many of it's old stores and replacing them with free standing galleries. fast forward to today. they are putting up pretty good numbers. the company is taking shares with the home furnishing markets. by targeting high income consumers. it is a smaller store base than williamson opena. so the company has a lot of room to expand. in the most recent nine-week period, restoration posted a 27.8% increase in same store sales. for the last 12 months in july they had a 29% increase. people these are bullish numbers. william sonoma,
. no doubt about it. you look at hurricane irene, tropical storm irene, the cost to state and local governments of new york was $1.2 billion. that was for recovery and cleanup. clearly this is going to be an economic hit on us. dimensions of which we just don't know yet. >> it's interesting how it impacted with mta shut down and people unable to get into manhattan for example. lower manhattan almost deserted. certainly very few businesses operating and few businesses operating at night. how does that work its way through the economy? >> very significantly. we take for granted the extensive public transportation system we have in the new york city metropolitan area. it's the life blood to our economy. when that life blood is not pumping, it will have a serious impact. it's not just how soon will trains be running but will be repair costs? they will be significant. mta had its own financing troubles particularly with regard to that capital program. they obviously weren't anticipating the kind of damage that this storm has brought. a long-term where we're at with financing for the mta
, irene rosenfeld on the wall of shame. but when we got wind of the breakup, i look rosen felt off the wall and congratulated her and said you absolutely had to buy kraft because it was going much higher that was on november 10th last year. since then if you held on the kraft you wracked up a 26% gain. that was all about people anticipating the breakup. but now that the breakup has arrived, now we have to decide what to do with the pieces. on october 1st, kraft officially split into two separate companies. if you own kraft in the old kraft foods, you now find yourself owning k-r-a-f-t, the kraft foods group that includes oscar mayer, lunch meat, as well as kraft and velveeta cheese. by the way, this can survive thermonuclear war virtually unscathed, as well as maxwell house, which is, you know, well, i think it's ghast -- gastrointestinally too difficult. and mondelez, truly iconic brands, oreos, chips ahoy, cadbury chocolates. so what's the next move? do we ring the register on both because the breakup catalyst has come and gone, the trade is over? do we keep owning both because b
plans? >> well, sure, it could. sandy is -- maybe it's not irene, but it's also wreaking havoc. florida looks to be out of harm's way for the most part. we'll see. >> you already had to cancel flights because of what's going on in the caribbean. >> we've done the same. obviously, let people know ahead of time. get people out of harm's way. we're prepared for next week. you assume the worst and see what happens. >> you know, between that as we watch the possible track of sandy, what happens with fuel prices, the state of the economy, the fiscal cliff, what a crazy business you're in. >> i'll tell you, bill, i think it's why i love the business so much. i mean that sincerely. there are so many variables when you look at running an airline. so not the least of which is you talk about just market caps of airlines. when you aggregate market caps, there are many individual companies worth much more than the airline industry in the united states. but these variables, mother nature, technology, cultural differences, capital. i mean, hey, listen, you better love it, otherwise get out of the busi
, or sifma, says the bond market will remain closed tomorrow. a move they did not make during hurricane irene. >> sifma recommends closing u.s. government securities trading in tokyo and london as well. joining us on the phone to talk about that and more is sifma president and ceo, tim ryan. thanks for joining us here. >> thanks for being there. actually, both you, bill, and maria. >> your feeling is if they don't trade in new york, they shouldn't trade dollar-denominated currencies around the world. >> our recommendation was to close early today at noon. we chose to do it at noon principally because there were treasury auctions scheduled today. we wanted to get those finished. we recommended a close tomorrow. >> what about this cme report just moments ago that says overnight trading will happen at 7 p.m. tonight. how does that play into everything? i guess we want your take on the overall impact of a full market shutdown, like we're seeing, and what you're recommendation. >> well, remember, we recommend to our member firms, so they'll make the decision on cme on their own. typically when we
know, put katrina at one end. that was $100 billion. put irene at another end. that was a $13 billion event. i've seen 30 to 50. it feels, especially after you see that aerial video of what happens on the shores of new jersey, like it may be more along the 30 to 50 range when you talk about total property damage and you talk also about lost business activity. it was down in wall street. >> especially at a time when the economy was -- there was a sense it was starting to slow down again. we haven't had the strongest economy anyway. are we more vulnerable to this? >> i don't want to say there's an up side to this, but you could have a situation where some of the construction and some of the rebuilding happens in the same quarter where you had the business loss, so you have a really net no change to gdp. if there are major construction projects undertaken -- for example, let's say they decide the biggest financial center in the world should not be a foot over sea level, that's a major investment that could have a positive back on gdp. >> that's a great point, steve. as far as the idea th
people anticipated. the opposite of irene. today we're seeing plays in stock names that have been around for a few days, guys ahead of the curve playing last week, take a look at a few of them, hubble makes hardware that's used on the pole lines that's maintained by utilities, that stock is up today, generac makes power generators, big with portable and standby, big play last week, 20% move, beacon roofing up last week, up again today. armstrong world makes flooring, that moved, up 6%. crawford & company provides claims insurance. so that is going to help them out. so these stocks have been around and because people underestimated the impact of the storm, big movers today. >> michael, we've heard it's business as usual for the most part there in chicago. what are you expecting to see as the week goes by? >> well i think what we're going to continue to see is what the market expected today which was liquidity and stability in the markets and also a couple levels that were key in the marketplace, one being 1397 in the s&p and more importantly 130 in the euro as we saw the dollar look to ha
of irene last year and katrina, rita and prior years, five years and 50 days ago. >> sue, burt, thank you very much. we have some fresh video we want to show you right now. thank you very much. >> indeed. some breaking news. and this just came into us. it's the first aerial pictures that we have. this is in from we believe the atlantic city, new jersey, region. it was video taken from a helicopter and if you look at that flooding, it shows you just how widespread the flooding is in that part of the garden state which, of course, was one of the hardest hit states and especially, ty, as you were mentioning yesterday and we were talking about, that south central part and the storm surge was unbelievable. in some cases, up to 14 feet. as you can see there are some buildings that are partially submerged at this point. and that looks like parked next a harbor, we are just seeing this now, as you guys are certainly at home. look at the boats piled up. >> that maybe the marina right around where the borgata is on the marina, a couple of the other casinos are there and look at that. is that a dock
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Search Results 0 to 26 of about 27 (some duplicates have been removed)